Car Loan

[soul]

looking into getting another car. Wondering if anyone had any good recomindations for a place to get a car loan

[blaknoize]

AECU BICH!!!! 6.02% on ur loan. But... ur not up here:tongue1:

[soul]

AECU BICH!!!! 6.02% on ur loan. But... ur not up here:tongue1:
:( that was unneeded

[Init2winit]

Gm has 0% if you're qualified.

[Turbo04]

Don't, best advice ever. If you can't buy it with cash, don't buy it.

[BanginJimmy]

AECU BICH!!!! 6.02% on ur loan. But... ur not up here:tongue1:

6.02% is a ripoff rate.

I have bought 3 cars and the highest I have ever paid was 4.9

[blaknoize]

^yea but this is a no collateral loan AND this is a loan on a signature AND for a person who is a noob with a short credit history, no tellin what I may have got if I was older.

shut up PBS :D

[Sammich]

credit union..

[DieselNuts]

Don't, best advice ever. If you can't buy it with cash, don't buy it.
Fuk that, thats retarded. How the hell do you expect to build your credit if you dont make payments on anything? If you have won the lottery, thats a different story all together.

Credit Unions are you best bet as far as getting a low rate. I checked Suntrust and they wanted 10.5% & some other bank wanted 13%. I have a good credit score, but at the time I checked on that loan, I had another loan out and some credit card debt. With the car I just bought I got 6.5%. (I owe 18K on my previous car that I have yet to sell & about 7K in CCs. This loan was for 21K and they still gave it to me for 6.5%)

[soul]

thanks for the help.....

my sig was paid for in cash so, but its just not that great of a dd, or a semi dd
so i need another car, loan wont take long to pay off it will only be bout 10k

[Elbow]

https://www.penfed.org/index.asp

[Turbo04]

Fuk that, thats retarded. How the hell do you expect to build your credit if you dont make payments on anything? If you have won the lottery, thats a different story all together.


Who says you "NEED" credit? I know quite a few people who own their own home (not some cheap ass trailer either) own their cars, have no credit card debit and could retire tomorrow and be fine, all without winning the lottery or being handed money from an inheritance. And they have no credit score.

If you don't make payments on something, your not paying someone/something else for the honor of using their money.

[BanginJimmy]

so you are saying that these people managed to put together over 100k in cash to buy a house, furnish it, buy cars, insure them and everything else all without gaining any kind of credit?

I dont believe you. You MIGHT run into 1 person in a lifetime that is so incredably smart that they can do that, but the chances of that are so slim its not even worth thinking about. To claim to know several of them is absolutely retarded.

[Turbo04]

so you are saying that these people managed to put together over 100k in cash to buy a house, furnish it, buy cars, insure them and everything else all without gaining any kind of credit?

I dont believe you. You MIGHT run into 1 person in a lifetime that is so incredably smart that they can do that, but the chances of that are so slim its not even worth thinking about. To claim to know several of them is absolutely retarded.

LoL ok, so I'll be sure to provide you with references in the future so you believe me. Honestly I don't care. One of my best friends cousins (for example) is 29 years old. he owns his house (bought and built with cash) a newer car (not brand new) and has no debt. He did this by working and being smart with his money. NOT borrowing to build his credit. It's not some great big mystery that can't be possible. You don't need credit. You think the whole housing crash thing would've happened if the "need to buy **** on credit" wasn't be pushed so hard? There isn't one thing now done using credit that cannot be done the same way using the cash method. All it takes is time and paitence. Not being "incredibly smart".

[soul]

LoL ok, so I'll be sure to provide you with references in the future so you believe me. Honestly I don't care. One of my best friends cousins (for example) is 29 years old. he owns his house (bought and built with cash) a newer car (not brand new) and has no debt. He did this by working and being smart with his money. NOT borrowing to build his credit. It's not some great big mystery that can't be possible. You don't need credit. You think the whole housing crash thing would've happened if the "need to buy **** on credit" wasn't be pushed so hard? There isn't one thing now done using credit that cannot be done the same way using the cash method. All it takes is time and paitence. Not being "incredibly smart".
he start stacking chash about 18-20, and live with his parents till 25-29?

[Turbo04]

he start stacking chash about 18-20, and live with his parents till 25-29?


Started saving his money when he got his first job (that he's still at BTW) at 15, stayed at home with his partents till after college, then rented a house for a few years, now he has his own with wife.

[Dougk1401]

I know this Isn't my thread but I have a question related to the whole car loan subject. I have no credit right now, neither good or bad. Would It be completely Impossible for me to get a car loan??

[BanginJimmy]

not impossible, but you wont get a very good rate. Your best bet would be to establish a bit of credit first unless you can get a co-signer.

[Dougk1401]

Don't really have anyone to co-sign besides my g/f who has perfect credit but not a good paying job...Where as I have a good paying job and no credit...

[BanginJimmy]

Started saving his money when he got his first job (that he's still at BTW) at 15, stayed at home with his partents till after college, then rented a house for a few years, now he has his own with wife.

unless he averaged savings of over 15k per year for 10+ years this still doesnt compute.

Even someone that is making 60k per year from the time they are 15 would have problems putting together the cash to buy a house at 25.

total before taxes 60k

~ payroll taxes per year: 20k (probably should be higher since he didnt have any deductions)
~ insurance: 100 per month if he was driving a beater
~ gas: 650 per year @1.25 a gal average (10gal per week)
~ misc expenses 6k per year
~ savings 15k per year
~ rent 9600 per year

total $42,450


these are low estimates using very high wages. Insurance and rent would be higher with no credit if he was even able to get an apartment. 10 gal per week for gas means you drive about 10 miles per day. Notice I didnt add in groceries, school expenses, cost of a car and about 1k other things that come up.

A better estimate would be using 20k per year wages from 15-18 ($10/hr)

30k from 18-22 ($15/hr)

40k from 23-present($20/hr)

[BanginJimmy]

Don't really have anyone to co-sign besides my g/f who has perfect credit but not a good paying job...Where as I have a good paying job and no credit...

get a CC and pay it off every month for a year or so. That will give you enough history to get a decent rate from most reputable dealers. Also have a sizeable down payment to go with it. It should be ~20% of the total cost of the vehicle.

[Dougk1401]

What type of credit card do you think would be best??? Sorry about all the questions I am just not really In the know as far as credit goes.

[BanginJimmy]

it doesnt really matter so long as there are no fees for having it. Intrest rate will be high on any card you get because you dont have any credit. If you pay it off every month though the intrest rate shouldnt be a problem.